Business Leaders Sign Letter Backing Remain
June 22 2016 - 9:00AM
Dow Jones News
LONDON—More than 1,000 business leaders with operations in the
U.K. on Wednesday urged British voters to keep the country in the
European Union, a day ahead of a referendum that remains too close
to call.
In a joint letter published in the U.K.'s Times newspaper, 1,285
executives—including representatives of half the companies in the
blue-chip FTSE 100 index—said a British exit from the EU, or
"Brexit," would hurt the U.K. economy.
The businesses named in the letter employ more than 1.75 million
people in the U.K., according to the paper. Signatories include
representatives of multinationals such as AstraZeneca PLC, Barclays
PLC, Standard Life PLC, Anglo American PLC, General Electric Co.,
Unilever PLC, Vodafone Group PLC and Airbus Group SE. Former New
York Mayor Michael Bloomberg, founder of financial news and
information provider Bloomberg LP, and Richard Branson, founder of
Virgin Group, signed as well.
"Britain leaving the EU would mean uncertainty for our firms,
less trade with Europe and fewer jobs," the letter said. "Britain
remaining in the EU would mean the opposite: more certainty, more
trade and more jobs.
"We know our firms are stronger in Europe," it added.
"Businesses and their employees benefit massively from being able
to trade inside the world's largest single market without
barriers."
The letter comes amid a flurry of other efforts by large
corporations backing a "remain" vote, including letters appealing
directly to their British employees.
"Leave" campaigners have also won the endorsement of several
major British business figures and many smaller U.K. companies.
They have championed a Britain unencumbered by EU regulations,
administrative paperwork and other ties that they say hold British
business back.
Still, the letter Wednesday also included several smaller U.K.
companies, including a salt maker, a dairy farm and an operator of
biking vacations.
"Smaller businesses and the people they employ are particularly
vulnerable to any economic shock which could follow," the letter
said, nodding to wider concerns that financial markets would
experience a hit from Britain leaving the EU.
The missive gives a boost to U.K. Prime Minister David Cameron
as he makes a last-ditch effort to convince voters that staying in
the EU will safeguard jobs in Britain and ensure its economic
prosperity. Earlier Wednesday, Mr. Cameron touted the letter as
"worth listening to" as he told the British Broadcasting Corp., "I
have been very frank about the warnings to our economy."
A representative of Vote Leave, the official leave-campaign
body, didn't respond to a request for comment.
(END) Dow Jones Newswires
June 22, 2016 08:45 ET (12:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Barclays (NYSE:BCS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Barclays (NYSE:BCS)
Historical Stock Chart
From Apr 2023 to Apr 2024